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Mortgage Applications Drop to 2008 Low

April 30, 2008

The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey found that mortgages applications declined again for the week ending April 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 567.0, a decrease of 11.1 percent on a seasonally adjusted basis from 637.6 one week earlier. On an unadjusted basis, the Index decreased 10.2 percent compared with the previous week and was down 14.2 percent compared with the same week one year earlier.

The Refinance Index decreased 16.7 percent to 1905.2 from 2286.3 the previous week and the seasonally adjusted Purchase Index decreased 4.8. percent to 340.1 from 357.3 one week earlier. The Conventional Purchase Index decreased 5.2 percent while the Government Purchase Index (largely FHA) decreased 3.7 percent. The four week moving average for the seasonally adjusted Market Index is down 4.3 percent to 668.4 from 698.7. The four week moving average is down 1.1 percent to 365.9 from 369.9 for the Purchase Index, while this average is down 7 percent to 2445.6 from 2628.2 for the Refinance Index.

The refinance share of mortgage activity decreased to 45.7 percent of total applications from 49.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.9 from 6.6 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.01 percent from 6.04 percent, with points increasing to 1.26 from 1.04 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.53 percent from 5.60 percent, with points increasing to 1.24 from 1.06 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.86 percent from 6.93 percent, with points increasing to 1.4 from 1.38 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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